A 91.8% occupied, 175,211 SF retail center located in Danvers, MA
The Property boasts an occupancy rate of 91.8% and is primarily leased to national tenants including Big Lots, Dollar Tree, David’s Bridal and Planet Fitness. Additionally, the tenants have been in-occupancy for 14.2 years (weighted average).
Danvers has a strong retail market, which is home to more than 4.1 MSF of retail space that is collectively 98.8% lease. Additionally, the market saw no new delivers over the past 12 months and no additional deliveries are expected to occur for the next 12 months. Danvers Crossing is located within a strong retail corridor home to national retail tenants including Home Depot, Costco, Walmart, and Lowe’s Home Improvement, among others. The immediate neighborhood includes more than 841K SF with an occupancy rate of 98.0%.
No tenant at the Property makes up more than 23% of the NRA. The mixed tenant base provides for a diverse rent roll and income stream, with no tenant making up more than 21% of the Property’s GPR. Additionally, no more than 28% of the NRA expires in any one year.
The Property benefits from strong surrounding demographics with over 57,300 people with an average household income in excess of $81,000 living within a three-mile radius. The surrounding neighborhood provides a consistent consumer base for the Property.
This sale provides investors with a unique opportunity to acquire the fee-simple interest in a stabilized retail asset directly from a special servicer. The Property became REO in June 2017.
RealINSIGHT Marketplace and Holliday Fenoglio Fowler, L.P. are pleased to present for sale Danvers Crossing, a 175,211 SF, stabilized retail center located in Danvers, Massachusetts, approximately 18 miles north of Boston (the “Property”). Danvers Crossing is comprised of four building and is 91.8% occupied by a mix of national tenants including Big Lots (33,000 SF / Jan 2021 expiration), Dollar Tree (12,000 SF / Jan 2022 expiration), Planet Fitness (25,000 SF / Apr 2022 expiration), and Chili’s Bar & Grill (6,200 SF / Jul 2020 expiration), among others. The Property benefits from a diversified rent roll and income base; no tenant makes up more than 23% of the NRA or 21% of the GPR.
Danvers Crossing has a convenient location for shoppers and is immediately accessible from I-95 and US Route 1. The Property has frontage on Newbury Street, which has a traffic count of more than 41,000 VPD. Danvers is a northern suburb of Boston and within a three-mile radius of the Property, there are over 57,300 residents with a median household income of $81,548. Additionally, the Property is part of a very strong retail market as a one-mile radius of the Property boasts more than 1.5 MSF of retail space with an overall occupancy rate of 98.4%.
Throughout the marketing period HFF will provide investors with real time debt quotes from various capital sources. It is to the investor’s benefit to contact Porter Terry early in the process in order to discuss all available terms, along with the advantages of engaging HFF/CW on the financing versus completing an all-cash acquisition.
Benefits of Engaging HFF/CW In Arranging Financing Include:
Note: Benefits referenced above will only be made available to investors who engage HFF/CW prior to the auction start date. It is recommended that investors contact HFF early in the process.
HFF’s Debt Placement Services
As a leading mortgage banker in the U.S., HFF’s extraordinary transaction volume provides the unparalleled capital markets knowledge necessary to develop the most creative financing strategies to meet and exceed client expectations. Our established relationships with insurance companies, investment banks, foreign and domestic banks, a Fannie Mae lender, Freddie Mac and pension funds have allowed us to provide our clients with the most competitive terms and most reliable executions in the debt and equity market.
Loan Types HFF Assists With Include:
HFF’s 2017 Commercial / Multifamily Annual Origination Rankings per the MBA:
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
8 Newbury Street, Danvers, MA 01923
Platform fee for this transaction is 5.00% or a minimum of $25,000.
Lamar P. Fisher
Fisher Auction Company Inc.
License: #Internet Auctions Exempt per Massachusetts Attorney General Office